Fast Market Research recommends "South Korea Agribusiness Report Q4 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 10/08/2014 -- We are optimistic about the long-term prospects of South Korea's agricultural sector. Our view is based on the government's decision to gradually remove barriers to trade and move up the value chain especially to support its growing food exporting industry. Indeed, we believe that the growing demand for exports of Korean should boost domestic agriculture production. Government-led efforts such as the expansion of education and financial support for farmers to allow them entry into the food processing business, plans to modernise the traditional methods of food production, as well as creating new agricultural food districts for exporters and introduce state designation of food exporting companies will benefit the industry over the longer term and help it to remain relevant to the South Korean economy.
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- Rice production growth to 2018: decline of 2.4% to 3.9mn tonnes. Owing to the government's reduction programme. Specifically, under the Rice Income Compensation Act, rice farmers are provided a subsidy of KRW 800,000 (USD731) per hectare to plant other crops on their land in 2014. This subsidy will be raised to KRW1 Mn in 2015. The ultimate aim is to reduce South Korean rice production to approximately 200,000 tonnes per year. Given the significant decline in production, an adjacent decline in consumption and only moderate stocks mean the country is unlikely to remain self-sufficient over the long term.
- Poultry production growth to 2017/18: 38.0% to 952,000 tonnes. This will largely be driven by increasing consumption demands on the back of substitution effects and competitive pricing. We note, however, that production growth will not prevent South Korea from relying increasingly on poultry imports to meet domestic demand.
- Cheese consumption growth to 2017/18: 1.6% to 81,000 tonnes. As Western food has become more popular in Korea, demand for cheese has expanded rapidly. The majority of cheese is consumed in restaurants and...
The South Korea Agribusiness Report features Business Monitor International (BMI)'s market assessment and independent forecasts for production, consumption and trade across core agricultural commodities.
BMI's South Korea Agribusiness Report includes independent commodity price forecasting and analysis for key agricultural outputs, an overview of the agribusiness competitive landscape and a discussion of the downstream context of agricultural production in relation to country food consumption forecasts and composite food and beverage trade forecasts.
- Use BMI's independent industry forecasts to test other views - a key input for successful planning in dynamic agribusiness markets.
- Apply BMI's medium-term commodity price analysis to assist with budgetary planning and the identification of investment opportunities and potential risks.
- Assess the activities and market position of your competitors, partners and clients.
BMI Industry View
An analytical summary of BMI's latest key industry forecasts and views, highlighting recent changes and key risks to the industry outlook for agribusiness in South Korea.
Industry SWOT Analysis
At-a-glance perspectives on the Strengths, Weaknesses, Opportunities and Threats facing the agricultural industry.
BMI Supply & Demand Forecasts
Divided into sections based on various diverse sectors in the agriculture market, the chapter provides insight into each market's agricultural industry, centred on sector forecasts to end-2018 for the consumption, production and trade of key agricultural commodities.
Consumption forecasts are accompanied by a discussion of the main drivers of consumption growth: macroeconomic factors, food processing trends, price movements and, increasingly, demand from the non-food sector.
Production forecasts examine the trends influencing BMI's production outlook: global demand, price increases, public and private sector investment and agricultural efficiency improvements.
Trade forecasts are accompanied by a discussion of the factors influencing a country's trade in agricultural goods, including domestic demand, global prices and government trade policies.
BMI's forecasts are accompanied by a Risks- to-Outlook assessment, which examines potential factors that could affect our existing forecast picture and the likelihood of their occurrence.
BMI's Commodity Price Analysis
Fundamental and technical analysis of the short- and medium-term price outlook for key agricultural commodities, based on globally-recognised benchmarks.
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